Archive for the 'Area Information' Category

South Pasadena Real Estate Market Housing Report – August 2008

Single Family Home Sales in South Pasadena for the month of August 2008 sold at 96.34% of their original listing price. Even though more South Pasadena homes sold in August vs. July, the average price point was significantly lower in August. The average sales price of South Pasadena homes in August is also significantly lower than the average sales price for active listings – homes currently for sale in South Pasadena. The average priced home for sale in South Pasadena for August was $1,067,621 vs. average sold price of $795,273. Interestingly enough, the price per square foot for South Pasadena homes on the market in August is $499.30 tracking closer to the average sold price per square foot ($483) for the same time period. Buyers are getting a lot more for their money!

Lowest priced home in South Pasadena for sale in August was $474,900

Highest priced South Pasadena home for sale in August was $2,298,000

Condos and townhomes in South Pasadena have seen a decrease in inventory to only 3 new condo listings and an overall 15 available South Pasadena condos and townhomes available for sale in August.

South Pasadena Real Estate Market Statistics for the last three months are below:

Single Family Residence

Jun-08

Jul-08

Aug-08

New Listings

10

11

8

Total Listings

38

24

26

Sales Pending

9

14

1

Homes Sold

14

8

11

Listings Expired

6

4

3

Average Days on the Market

93

39

119

Average Price Per Sq. Ft.

$532

$607

$483

Average Selling Price

$1,579,714

$1,525,000

$795,273

Absorption Rate (# of weeks to sell current inventory at present rate of sales)

41.2

7.4

14.1

Condos and Townhomes

Jun-08

Jul-08

Aug-08

New Listings

8

10

3

Total Listings

19

21

15

Sales Pending

2

5

1

Homes Sold

2

1

3

Listings Expired

1

9

4

Average Days on the Market

95

147

77

Average Price Per Sq. Ft.

$402

$331

$352

Average Selling Price

$635,944

$418,000

$561,000

Absorption Rate (# of weeks to sell current inventory at present rate of sales)

San Marino Real Estate Market Housing Report – August 2008

San Marino real estate housing status has remained pretty stable in August 2008. We did see an increased number of homes listed by real estate agents that have expired – meaning the sellers decided to take these homes off the real estate market. Both June and July of this year had an average of 4 San Marino homes expire, but in August we saw 11 homes that were taken off the market.

The number of San Marino homes that were newly listed is about the same as in previous months. The number of San Marino home sales for August is also running pretty close as the rest of the summer months. The chart below gives the specific for the last three months.

Altadena California – Mid Century Home for Sale in Altadena

If you are looking to buy a home in Altadena, take a look at this gorgeous modern mid-century home that just came on the real estate market today. Built in 1948, it is a 3 bedroom, 2 bath home with 1,740 sq. ft and sits on a lot over 7,279 sq. ft. per Assessor.

This serene mid-century modern designed by Gregory Ain as part of his Park Planned Homes has been updated as Ain would have wanted. Every room has a view to the yard or courtyard with water features in both. Custom cabinets, stainless steel appliances, backsplash, and farmhouse sink in kitchen. Cork floors in all rooms except baths. Both baths were redone including custom glass tile work. All systems replaced (HVAC, electrical, plumbing), new insulation in roof and exterior walls, new roof and recessed lighting throughout. Windows and doors were replaced in much of the house. Third bedroom was expanded by 400 sq ft. in the 50’s at which time the closet was removed. Award winning landscaping, exterior stainless steel flashing and brushed nickel hardware complete the home’s midcentury appeal.

This Altadena home is listed for sale at $729,000.

Update: October 7, 2008 – this home has been withdrawn from the market.

Monterey Hills Real Estate Market Report August 2008

Interestingly enough, the inventory of condos and townhomes in Monterey Hills is dwindling drastically. Only 2 new Monterey Hills condos for salecame up on the market last month. One condo in Eaton Crest was listed for only $279,000. It’s a great price for a 2 bedroom and 2 bath condo with over 1,000 sq. ft. I previewed it and was quite impressed. It has an updated kitchen a nice view of the hills and faces away from the pool. A great opportunity for a first time buyer or an investor.

Monterey Hills townhomes are almost non-existent. Only 4 Monterey Hills townhomes are on the market. There was only 1 closed sale in August and it was at 4267 Via Arbolada and closed escrow at $655,000.

South Lake Avenue District Neighborhood in beautiful Pasadena California

South Lake Avenue in Pasadena stretches from Coroado Boulevard at its northernmost end and winds all the way through Shoppers Lane before culminating at California Boulevard. There’s no longer a real lake near this 10 block shopping district packed with hndreds of shops, restaurants and offices. The lake dried up long ago.

South Lake Avenue’s rich shopping heritage was born in the late 1940s with a department store built to look and feel like a country club. Bullocks, now Macy’s (currently under construction though December 2008) became the foundation of South Lake Avenue’s reputation as a cosmopolitan shopping destination. More department stores followed, making the area one of Pasadena’s finest shopping districts.

Today, antique English phone booths complete the district’s European ambiance, where shoppers sample fresh lunch cuisine at the various open air eateries. Shopping boutiques, European-style patio cafes and upscale business lofts polish off the chic setting.

Stores on South Lake Avenue run the gamut. Mall-shopping big names like Macy’s and Borders complement niche stores like Anthropologie and Rangoni Firenze Soes, where shoppers can find high-end Italian footwear. The food here is the same way: familiar favorites like Coffee & Lea Leaf, Starbucks and Pete’s Coffee rub elbows with lesser-known but still delicious locales such as teh original Corcodile Cafe and the Rose Tea Cottage, Pasadena’s first English Tea House.

South Lake Avenue Pasadena real estate has been doing extremely well. The luxurious condo complexes like The Prado, Pasadena Collection and the newly built exclusive residences at The Granite Park have been in demand by investors, corporate housing and consumers looking for a car-free urban living.

Alhambra California Real Estate Market Housing Report – August 2008

Alhambra real estate market key indicators for the months of June 2008 through August 2008 are below for your review.

Alhambra SFR highlights for August 2008:

It’s interesting to note that Alhambra Single Family Residence (SFR) average sales price dropped for the first time in months to $484,967, but the average price per square foot went up slightly from $350 to $363. The number of Alhambra homes that closed escrow in August increased by 40%. Not surprising since most escrows now run 30 to 45 days and these Alhambra homes went under contract most likely in the height of the summer season, sometime in July.

Overall inventory for Alhambra homes is increasing slightly month after month, with the total listings reaching 67. Only 9 Alhambra homes went under contract last month. Even though the absorption rate is showing as 19.4 weeks, it will most likely be a lot higher in September since it’s based on August’s sales. September sales will be significantly lower due to the minimal number of homes in escrow.

More inventory means more buyer deals. Prognosis for Alhambra home buyers is good. Alhambra real estate market is leaning in the buyer’s favor.

If you are an Alhambra seller, be aware that inventory is increasing and Alhambra home prices will need to decrease accordingly. There will be more homes competing for sale. Alhambra homes that will sell will be priced aggressively and will show better than their competitors.

Having said that, August has been good to Alhambra sellers. Out of 21 closed sales, 3 sales went over asking price and 3 Alhambra homes sold at asking price.

The lowest priced Alhambra home is listed at $360,000. It’s located at 2116 Winthrop Drive and has 2 bedrooms and 1 bath.

The highest priced Alhambra home is listed at $998,000. This home is located at 318 North Curtis Avenue and has 6 bedrooms and 4 baths.

Alhambra Condo and Townhome Highlights for August 2008:

There were 34% less condos and townhomes sold in August 2008 as compared to July 2008. It also took a lot longer to sell these condos and townhomes. On average, it took 103 days – that’s almost 3 weeks longer than in July.

Alhambra condos/townhome price per square foot has dropped to $296 and the average sales priced dropped to $364,944.

If you are a buyer looking to buy a condo or a townhome in Alhambra, there are some deals to be had in the low $300,000 range. There are even some condo/townhomes under $300,000.

Single Family Residence

Jun-08

Jul-08

Aug-08

New Listings

12

21

18

Total Listings

54

61

67

Sales Pending

14

17

9

Homes Sold

13

15

21

Listings Expired

9

8

9

Average Days on the Market

112

62

82

Average Price Per Sq. Ft.

$414

$350

$363

Average Selling Price

$511,692

$505,133

$484,967

Absorption Rate (# of weeks to sell current inventory at present rate of sales)

18.0

20.3

19.4

Condos and Townhomes

Jun-08

Jul-08

Aug-08

New Listings

14

11

11

Total Listings

45

39

36

Sales Pending

11

11

10

Homes Sold

8

12

8

Listings Expired

7

7

7

Average Days on the Market

66

84

103

Average Price Per Sq. Ft.

$280

$305

$296

Average Selling Price

$373,238

$406,708

$364,944

Absorption Rate (# of weeks to sell current inventory at present rate of sales)

This 14th year of Monterey Hills Jazz Festival was anticipated by many Monterey Hills residents. Since it’s inception, the Jazz Festival has been sponsored by Monterey Hills Federation with the support of the Los Angeles City Council’s 14th District Councilmember Jose Huizar, the Arroyo Seco Neighborhood Council and the Community Redevelopment Agency. Many local merchants and artisans have participated each year as well.

It was a lot of fun being out and meeting Monterey Hills residents. I had an opportunity to speak with Jim Henderson and Ginger Cole. Both Jim and Ginger were on the Monterey Hills Jazz Festival Committee chaired by Debra A. Evans. I also spoke with Carlos Alvarado from CRA/LA who was telling me about an upcoming relandscaping project that will be most likely take place within the next 12 months or so. Committees will be forming within the next several months and will work hand in hand with CRA/LA to decide where and what kind of landscaping will be gracing Monterey Hills.

Monterey Hills is a community of condos and townhomeslocated in the city and county of Los Angeles. It is bordered by South Pasadena to the North, El Sereno to the South, and Highland Park to the West. It is conveniently located just off of Via Marisol exit of the 110 Freeway and is 15 minutes to Downtown Los Angeles or Old Town Pasadena.

A little history on Monterey Hills. The Monterey Hills Redevelopment Project was adopted by City Council on July 29, 1971. The CRA LA (Community Redevelopment Agency of Los Angeles) project contained 211 acres of land. The principal thrust of the project outlined in the Redevelopment Plan included the development of a well planned residental community that provided a variety of housing opportunities for families and individuals from all income levels and the preservation of the physical integrity of the site.

At the time of Monterey Hills project adoption, 90% of the area was underdeveloped due to its sloping configuration and improperly platted terrain. The entire area had been subdivided in 1902 according to a coordinated grid system with lots and streets laid out at right angles to each other.

Because of the terrain, there was no possible way to develop any significant portion of the area as it was platted. The streets were substandard and in most cases unimproved. Land ownership was extremely complex, precluding private enterprises from assembling the stie and re-subdividing in a proper manner. Approximately 1/3 of the area was owned by the City of Los Angeles as a result of property tax defaults by former owners. Many structures were obsolte, public utilities were inadequate, there was a lack of usable open space, the value of land and properties was depreciated and private investments were seriously impaired.

Today, some 37 years later, Monterey Hills is a thriving community. “The Hill”, as its known to its residents, currently has 21 condominiums with a total of 1,781 housing units that have been built to date.

It is sought by first time buyers and investors alike. It offers beautiful condominiums and townhomes with excellent amenities at reasonable prices. Monterey Hills is always alive with residents walking its streets, using the Bud Weiner park and just enjoying the fresh air.

Living in Monterey Hills is like being on Top of the World! Check it out for yourself.

These luxury residences were inspired by the work of Irving Gill (1870-1936.) There’s a elegance to Granite Park, with an emphasis on simplicity. While rooted in the California modern style of the 30’s, its effect is not one of a bygone era. It’s timeless.

This luxury complex pays homage to Irving Gill’s signature style, while at the same time updating it. It’s a look that emphasizes arches and clean lines. Indoor and outdoor spaces interact and flow effortlessly into one another. Open areas and secret gardens make Granite Park a private oasis. It’s a design we believe will stand the test of time. Much like he man whose work inspired it.

Pasadena’s Granite Park will offer 71 exclusive private residences with two to three bedrooms. Each one of these luxury Pasadena condoswill have a large private terrace, some as large as 1,400 sq. ft. Each luxury residence is unique and no two are alike.

These exclusive private residences will feature:

Concierge Services with 24 hour security

Viking Professional Series Appliances – and boy were they beautiful!

Premium Kohler fixtures

Secure Underground side-by-side Parking

Irving Gill Inspired Architecture

Dennis Hopper curated photography gallery in the lobby

Lush & Evocative Old California Style Landscaping

Private Walkways, Meditation Areas, and Gardens

Resort-Style Pool & Spa

Barbeque Area

Putting Green

The model struck me as being very dramatic and spacioius. Kitchen featured quartz countertops and stainless steel Viking appliances. And, of course, this luxurious complex is centrally located in South Lake shopping district.

Prices have not been set yet, but I was told that the Pasadena buyers will need to pay somewhere between $1 million to over $2 million for one of these luxurious residences.

If you are interested in getting more information about reserving one of these luxury condos, please call me at 626-627-7107 or email me at Irina@Irina4RealEstate.com and we will schedule a tour of the Granite Park Pasadena Showroom. At this point, reservations only are being taken, but Granite Park will be ready to go under contract in January 2009.

Pasadena Luxury Real Estate – August Million Dollar Sales

My friend and one of the top realtors in Miami Beach luxury real estatemarket place, Ines Hegedus Garcia does a fabulous monthly post focusing on Million dollar luxury homes. Following in Ines’s footsteps, Pasadena Real Estate blog will be doing a monthly post featuring Pasadena luxury properties. So without further ado, here’s the August Million Dollar Sales for Pasadena.

Currently there are 94 Pasadena single family properties currently listed for $1,000,000 or above.

San Marino Unified School District Named #1 in the State

For the straight five years, San Marino California has the distinction of being in the top 5 rated California school districts. The scores are out and San Marino (SMUSD) has earned the highest Academic Performance Index (API) score in the state – 944 out of 1,000!

The API is a single number, ranging from a low of 200 to a high of 1000, that reflects a school’s performance level, based on the results of statewide testing.

3 of the 5 highest performing California School districts are in the Pasadena area – San Marino, La Canada and Arcadia.

Here are the top California School Districts:

School District

Academic Performance Index (API)

San Marino Unified School District (Los Angeles County)

944

Piedmont Unified School District (Alameda County)

919

La Canada Unified School District (Los Angeles County)

917

Manhattan Beach Unified School District (Los Angeles County)

909

San Ramon Unified School District (Contra Costa County), Arcadia Unified School District (Los Angeles County), and Palos Verdes Unified School District (Los Angeles County)

904

Congratulations are in order to the students, teachers, administration and parents!

San Marino real estate and home values have always been driven by the success of its schools. Many potential San Marino home buyers are looking to buy in San Marino after doing an analysis of private school tuitions and investment in a San Marino homes.

With San Marino home prices holding steady, it’s clear to see that schools are still the driving factor for many relocating families.